Last week's economic news included the NAHB Housing Market Index, Commerce Department releases on housing starts and building permits issued. Weekly reports on mortgage rates and new jobless claims were also released. Shortages of available single-family homes have driven up home prices and increased competition among homebuyers; short inventories of homes for sale are affecting affordability in many areas, although buyers seem motivated by lower mortgage rates and some easing of mortgage … [Read more...]
Video: What Steps Need To Be Taken To Secure A Loan
What Steps Need To Be Taken To Secure A Loan You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you'll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term debts. Recent bank statements tax returns for the past 2 years. Proof of any other income. Address and description of the property you wish to buy. A sales contract on … [Read more...]
Video: Are There Special Mortgages For First-Time Homebuyers?
Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or who have experienced income irregularities. … [Read more...]
How Are Pre-Qualifying And Pre-Approval Different?
How Are Pre-Qualifying And Pre-Approval Different? Watch this video and it'll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. Pre-approval is a lender's actual commitment to … [Read more...]
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